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Procedures When Fraud is suspected
Whenever the auditor encounters situation that might indicate that there is a material mis-statement in the financial statements resultant from fraud or error, the auditor must perform processes to establish whether the financial statements are materially mis-stated.
Whenever the auditor recognizes a misstatement, the auditor must consider whether such a misstatement might be analytic of fraud and when there is such a sign, the auditor must consider the implications of the mis-statement in association to other features of the audit, mainly the consistency of management representations.
an example of evidence that an auditor would use by illustrating the audit trail of stock purchases
Recognize the Related Parties The auditor should review information provided through the management and directors recognize the names of all identified related parties and sho
Forms of Evidence Observation , is mostly witnessing internal book-keeping procedures and system control. It involves attendance at wages pay out. Observation of stock-ta
Amounts Derived From Financial Statements Please note here the auditor is interested in preceding year's evidence since 1. The Companies Act states such corresponding amounts
An audit helps stay track of where the currency or money is going and makes sure the money is going anywhere it is believed to and not in someone''s pocket. An audit may also help
Following three frameworks/ concepts are an integral part of the ‘world of auditing' which may be used by auditors throughout their audit engagements. (i) Overview of the audit
Reliability - Sources of evidence Reliability of audit evidence is influenced through its nature and its source and since it is dependent upon the specific circumstances, we c
phases of operational auditing report sample or template of companies operational audit report
techniques of vouching
Internal audit is an independent assessment function which is recognized by the management of an company for the review of its internal control system as a service to the company.
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